Minnesota Manufacturing on the Rise for 2015
The state of manufacturing in Minnesota appears to be on the rise, and a recent study provides insight into the minds of manufacturing executives and their thoughts on the future of manufacturing in Minnesota. Around 400 executives were surveyed which a majority of them reported they have seen continued growth since the recession and they estimate the growth will continue throughout 2015. Close to 90% of those surveyed said that they were very confident in their company’s financial future in 2015. The major theme of a lot of responses was a need for more workers. Many manufacturing companies are seeing their workforce dwindle due to retirement and are having difficulty drawing in new, young employees.
Many manufacturing companies have partnerships with local colleges or universities and this helps factories keep up the man power. Other companies who do not have these partnerships in place struggle to find replacements. However, even those companies who attract college students have a hard time getting them to stay. According to the survey results, many of these students leave after a short time in order to pursue a different career rather than maintain their job in a factory. The work is there in the industry, the trick is to make these jobs more appealing to a younger generation.
While some companies are finding it difficult to staff their growing ventures, others are focused on expansion. In the concrete and paving sector, one major production facility is expanding thanks to a $3 million effort. This expansion will create 31 jobs in order to meet the requirements for funds from the Minnesota Department of Employment and Economic Development.
The textile industry is also seeing an increase as a major facility is expanding due to a $1.5 million expansion project in St. Cloud, Minnesota. This project will also receive some funding from the Minnesota Department of Employment and Economic Development due to the fact that the expansion will create 20 full-time jobs. Both of these expansions are signs of the growth that is happening in the manufacturing industry across Minnesota.
All signs point to growth for Minnesota manufacturing in 2015, while some may struggle to keep up with this growth. Others will thrive in it and continue to expand like a few of the industries have already begun to do. It will be interesting to see if these predictions will be fulfilled or if the impact of the retiring workforce will slow things down.